FNCL | Portfolio Exposure

Basket Holdings: 381AS OF 09/30/2025

Symbol	Company	Weight
JPM	JPMorgan Chase & Co	9.94
BRK.B	Berkshire Hathaway Inc Class B	7.67
V	Visa Inc Class A	6.60
MA	Mastercard Inc Class A	5.51
BAC	Bank of America Corp	4.25
WFC	Wells Fargo & Co	3.09
GS	The Goldman Sachs Group Inc	2.80
MS	Morgan Stanley	2.19
AXP	American Express Co	2.17
C	Citigroup Inc	2.15
BLK	BlackRock Inc	1.96
SCHW	Charles Schwab Corp	1.90
SPGI	S&P Global Inc	1.75
COF	Capital One Financial Corp	1.62
PGR	Progressive Corp	1.62
BX	Blackstone Inc	1.46
CB	Chubb Ltd	1.21
HOOD	Robinhood Markets Inc Class A	1.13
MMC	Marsh & McLennan Companies Inc	1.12
CME	CME Group Inc Class A	1.11
ICE	Intercontinental Exchange Inc	1.09
KKR	KKR & Co Inc Ordinary Shares	0.95
PNC	PNC Financial Services Group Inc	0.91
AJG	Arthur J. Gallagher & Co	0.89
BK	Bank of New York Mellon Corp	0.89
MCO	Moodys Corp	0.88
USB	U.S. Bancorp	0.87
AON	Aon PLC Class A	0.83
FI	Fiserv Inc	0.82
COIN	Coinbase Global Inc Ordinary Shares - Class A	0.76
PYPL	PayPal Holdings Inc	0.73
TRV	The Travelers Companies Inc	0.71
APO	Apollo Asset Management, Inc. Ordinary Shares - Class A (New)	0.69
TFC	Truist Financial Corp	0.68
AFL	Aflac Inc	0.66
ALL	Allstate Corp	0.64
MET	MetLife Inc	0.54
AMP	Ameriprise Financial Inc	0.53
AIG	American International Group Inc	0.52
MSCI	MSCI Inc	0.50
XYZ	Block Inc Class A	0.48
NDAQ	Nasdaq Inc	0.43
HIG	The Hartford Insurance Group Inc	0.43
PRU	Prudential Financial Inc	0.42
ARES	Ares Management Corp Ordinary Shares - Class A	0.40
FIS	Fidelity National Information Services Inc	0.39
STT	State Street Corp	0.38
ACGL	Arch Capital Group Ltd	0.38
RJF	Raymond James Financial Inc	0.38
WTW	Willis Towers Watson PLC	0.38
MTB	M&T Bank Corp	0.36
SOFI	SoFi Technologies Inc Ordinary Shares	0.35
FITB	Fifth Third Bancorp	0.35
IBKR	Interactive Brokers Group Inc Class A	0.34
SYF	Synchrony Financial	0.32
LPLA	LPL Financial Holdings Inc	0.31
BRO	Brown & Brown Inc	0.31
NTRS	Northern Trust Corp	0.30
HBAN	Huntington Bancshares Inc	0.29
CBOE	Cboe Global Markets Inc	0.29
MKL	Markel Group Inc	0.28
CINF	Cincinnati Financial Corp	0.28
CFG	Citizens Financial Group Inc	0.27
RF	Regions Financial Corp	0.27
WRB	WR Berkley Corp	0.26
TROW	T. Rowe Price Group Inc	0.26
GPN	Global Payments Inc	0.24
CPAY	Corpay Inc	0.23
AFRM	Affirm Holdings Inc Ordinary Shares - Class A	0.23
PFG	Principal Financial Group Inc	0.22
L	Loews Corp	0.20
KEY	KeyCorp	0.20
	Xaf Financial Dec25 Xcme 20251219	0.20
	Ss Inst Treas Plus Mm Fund Tru Ss Inst Treas Plus Mm Fund Tru	0.20
FCNCA	First Citizens BancShares Inc Class A	0.19
TOST	Toast Inc Class A	0.19
FNF	Fidelity National Financial Inc	0.18
EWBC	East West Bancorp Inc	0.17
EG	Everest Group Ltd	0.17
CG	The Carlyle Group Inc	0.17
EQH	Equitable Holdings Inc	0.17
COOP	Mr. Cooper Group Inc	0.16
TW	Tradeweb Markets Inc	0.15
EVR	Evercore Inc Class A	0.15
UNM	Unum Group	0.15
RNR	RenaissanceRe Holdings Ltd	0.14
GL	Globe Life Inc	0.14
SF	Stifel Financial Corp	0.14
RGA	Reinsurance Group of America Inc	0.14
NLY	Annaly Capital Management Inc	0.14
FHN	First Horizon Corp	0.13
AIZ	Assurant Inc	0.13
JKHY	Jack Henry & Associates Inc	0.12
FDS	FactSet Research Systems Inc	0.12
ALLY	Ally Financial Inc	0.12
HLI	Houlihan Lokey Inc Class A	0.12
OWL	Blue Owl Capital Inc Ordinary Shares - Class A	0.12
JEF	Jefferies Financial Group Inc	0.12
WBS	Webster Financial Corp	0.12
SSB	SouthState Bank Corp	0.11
ORI	Old Republic International Corp	0.11
PRI	Primerica Inc	0.11
AFG	American Financial Group Inc	0.11
AGNC	AGNC Investment Corp	0.11
KNSL	Kinsale Capital Group Inc	0.10
WAL	Western Alliance Bancorp	0.10
CMA	Comerica Inc	0.10
UMBF	UMB Financial Corp	0.10
SEIC	SEI Investments Co	0.10
WTFC	Wintrust Financial Corp	0.10
BPOP	Popular Inc	0.10
ZION	Zions Bancorp NA	0.10
ONB	Old National Bancorp	0.09
COLB	Columbia Banking System Inc	0.09
IVZ	Invesco Ltd	0.09
AXS	Axis Capital Holdings Ltd	0.09
ERIE	Erie Indemnity Co Class A	0.09
CFR	Cullen/Frost Bankers Inc	0.09
TPG	TPG Inc Ordinary Shares - Class A	0.09
CBSH	Commerce Bancshares Inc	0.08
PNFP	Pinnacle Financial Partners Inc	0.08
VOYA	Voya Financial Inc	0.08
OMF	OneMain Holdings Inc	0.08
SNV	Synovus Financial Corp	0.08
AMG	Affiliated Managers Group Inc	0.08
BEN	Franklin Resources Inc	0.08
MTG	MGIC Investment Corp	0.08
MKTX	MarketAxess Holdings Inc	0.07
FAF	First American Financial Corp	0.07
ESNT	Essent Group Ltd	0.07
MORN	Morningstar Inc	0.07
THG	The Hanover Insurance Group Inc	0.07
PB	Prosperity Bancshares Inc	0.07
JXN	Jackson Financial Inc	0.07
PIPR	Piper Sandler Cos	0.07
FCFS	FirstCash Holdings Inc	0.07
LNC	Lincoln National Corp	0.07
CADE	Cadence Bank	0.07
RYAN	Ryan Specialty Holdings Inc Class A	0.07
FNB	F N B Corp	0.07
GLXY	Galaxy Digital Inc Ordinary Shares - Class A	0.07
JHG	Janus Henderson Group PLC	0.07
GBCI	Glacier Bancorp Inc	0.07
RITM	Rithm Capital Corp	0.07
STWD	Starwood Property Trust Inc	0.07
SIGI	Selective Insurance Group Inc	0.06
ABCB	Ameris Bancorp	0.06
RDN	Radian Group Inc	0.06
AUB	Atlantic Union Bankshares Corp	0.06
LAZ	Lazard Inc	0.06
WEX	WEX Inc	0.06
RLI	RLI Corp	0.06
HOMB	Home BancShares Inc	0.06
VLY	Valley National Bancorp	0.06
SLM	SLM Corp	0.06
HWC	Hancock Whitney Corp	0.06
OZK	Bank OZK	0.06
HLNE	Hamilton Lane Inc Class A	0.06
UBSI	United Bankshares Inc	0.06
FFIN	First Financial Bankshares Inc	0.05
AGO	Assured Guaranty Ltd	0.05
MC	Moelis & Co Class A	0.05
SFBS	Servisfirst Bancshares Inc	0.05
WTM	White Mountains Insurance Group Ltd	0.05
PJT	PJT Partners Inc Class A	0.05
ASB	Associated Banc-Corp	0.05
SNEX	StoneX Group Inc	0.05
UPST	Upstart Holdings Inc Ordinary Shares	0.05
CNO	CNO Financial Group Inc	0.05
AX	Axos Financial Inc	0.05
STEP	StepStone Group Inc Ordinary Shares - Class A	0.05
FOUR	Shift4 Payments Inc Class A	0.05
RNST	Renasant Corp	0.04
INDB	Independent Bank Corp	0.04
BHF	Brighthouse Financial Inc Registered Shs When Issued	0.04
FULT	Fulton Financial Corp	0.04
FBP	First BanCorp	0.04
TBBK	The Bancorp Inc	0.04
FHB	First Hawaiian Inc	0.04
EBC	Eastern Bankshares Inc Ordinary Shares	0.04
KMPR	Kemper Corp	0.04
LMND	Lemonade Inc Ordinary Shares	0.04
NMIH	NMI Holdings Inc	0.04
APAM	Artisan Partners Asset Management Inc Class A	0.04
FRHC	Freedom Holding Corp	0.04
CATY	Cathay General Bancorp	0.04
WSBC	Wesbanco Inc	0.04
ENVA	Enova International Inc	0.04
FLG	Flagstar Financial Inc	0.04
BGC	BGC Group Inc Ordinary Shares Class A	0.04
GNW	Genworth Financial Inc	0.04
PFSI	PennyMac Financial Services Inc Class A	0.04
UCB	United Community Banks Inc	0.04
OSCR	Oscar Health Inc Class A	0.04
HASI	HA Sustainable Infrastructure Capital Inc	0.04
EEFT	Euronet Worldwide Inc	0.04
IBOC	International Bancshares Corp	0.04
FHI	Federated Hermes Inc Class B	0.04
TCBI	Texas Capital Bancshares Inc	0.04
TRMK	Trustmark Corp	0.03
CBU	Community Financial System Inc	0.03
PLMR	Palomar Holdings Inc	0.03
WSFS	WSFS Financial Corp	0.03
VIRT	Virtu Financial Inc Class A	0.03
VCTR	Victory Capital Holdings Inc Class A	0.03
RELY	Remitly Global Inc	0.03
FIBK	First Interstate BancSystem Inc	0.03
NATL	NCR Atleos Corp	0.03
WD	Walker & Dunlop Inc	0.03
BKU	BankUnited Inc	0.03
SFNC	Simmons First National Corp Class A	0.03
CVBF	CVB Financial Corp	0.03
CACC	Credit Acceptance Corp	0.03
BANF	BancFirst Corp	0.03
BOKF	BOK Financial Corp	0.03
BOH	Bank of Hawaii Corp	0.03
SBCF	Seacoast Banking Corp of Florida	0.03
BUR	Burford Capital Ltd	0.03
FFBC	First Financial Bancorp	0.03
TOWN	Towne Bank	0.03
WAFD	WaFd Inc	0.03
MCY	Mercury General Corp	0.03
PRK	Park National Corp	0.03
WU	The Western Union Co	0.03
BANR	Banner Corp	0.03
FRME	First Merchants Corp	0.03
EVTC	Evertec Inc	0.03
	E-Mini Russ 2000 Dec25 Xcme 20251219	0.03
BXMT	Blackstone Mortgage Trust Inc A	0.03
WT	WisdomTree Inc	0.02
NNI	Nelnet Inc Class A	0.02
CASH	Pathward Financial Inc	0.02
CHCO	City Holding Co	0.02
HTH	Hilltop Holdings Inc	0.02
AGM	Federal Agricultural Mortgage Corp Class C	0.02
CCB	Coastal Financial Corp	0.02
LKFN	Lakeland Financial Corp	0.02
SEZL	Sezzle Inc	0.02
TRUP	Trupanion Inc	0.02
STBA	S&T Bancorp Inc	0.02
TCBK	TriCo Bancshares	0.02
VRTS	Virtus Investment Partners Inc	0.02
STEL	Stellar Bancorp Inc	0.02
NBHC	National Bank Holdings Corp Class A	0.02
FLYW	Flywire Corp	0.02
HOPE	Hope Bancorp Inc	0.02
PRG	PROG Holdings Inc Ordinary Shares	0.02
DFIN	Donnelley Financial Solutions Inc	0.02
ACT	Enact Holdings Inc	0.02
WABC	Westamerica Bancorp	0.02
LOB	Live Oak Bancshares Inc	0.02
SPNT	SiriusPoint Ltd	0.02
DCOM	Dime Community Bancshares Inc	0.02
MQ	Marqeta Inc Class A	0.02
FBK	FB Financial Corp	0.02
FBNC	First Bancorp	0.02
EFSC	Enterprise Financial Services Corp	0.02
DBRG	DigitalBridge Group Inc Class A	0.02
NBTB	NBT Bancorp Inc	0.02
PFS	Provident Financial Services Inc	0.02
BUSE	First Busey Corp	0.02
STC	Stewart Information Services Corp	0.02
BBT	Beacon Financial Corp	0.02
DAVE	Dave Inc	0.02
CUBI	Customers Bancorp Inc	0.02
BWIN	The Baldwin Insurance Group Inc Class A	0.02
OFG	OFG Bancorp	0.02
LC	LendingClub Corp	0.02
BANC	Banc of California Inc	0.02
NWBI	Northwest Bancshares Inc	0.02
SYBT	Stock Yards Bancorp Inc	0.02
PAYO	Payoneer Global Inc	0.02
NIC	Nicolet Bankshares Inc	0.02
GSHD	Goosehead Insurance Inc Class A	0.02
CNS	Cohen & Steers Inc	0.02
VBTX	Veritex Holdings Inc	0.02
AVDX	AvidXchange Holdings Inc	0.02
SKWD	Skyward Specialty Insurance Group Inc	0.02
HMN	Horace Mann Educators Corp	0.02
HCI	HCI Group Inc	0.02
FCF	First Commonwealth Financial Corp	0.02
ABR	Arbor Realty Trust Inc	0.02
LADR	Ladder Capital Corp Class A	0.02
ARR	ARMOUR Residential REIT Inc	0.02
	Us Dollar	0.01
EGBN	Eagle Bancorp Inc	0.01
WASH	Washington Trust Bancorp Inc	0.01
BFH	Bread Financial Holdings Inc	0.01
AMAL	Amalgamated Financial Corp Ordinary Shares Class A	0.01
AMTB	Amerant Bancorp Inc Ordinary Shares - Class A	0.01
FSBC	Five Star Bancorp	0.01
MCBS	MetroCity Bankshares Inc	0.01
BHB	Bar Harbor Bankshares Inc	0.01
TRST	Trustco Bank Corp N Y	0.01
FMNB	Farmers National Banc Corp	0.01
SMBC	Southern Missouri Bancorp Inc	0.01
GSBC	Great Southern Bancorp Inc	0.01
WRLD	World Acceptance Corp	0.01
NBBK	NB Bancorp Inc	0.01
FCBC	First Community Bankshares Inc	0.01
SPFI	South Plains Financial Inc	0.01
NFBK	Northfield Bancorp Inc	0.01
PX	P10 Inc Class A	0.01
AAMI	Acadian Asset Management Inc	0.01
PWP	Perella Weinberg Partners Ordinary Shares - Class A	0.01
PEBO	Peoples Bancorp Inc (Marietta OH)	0.01
GABC	German American Bancorp Inc	0.01
CCBG	Capital City Bank Group Inc	0.01
ORRF	Orrstown Financial Services Inc	0.01
TFSL	TFS Financial Corp	0.01
QCRH	QCR Holdings Inc	0.01
CNOB	ConnectOne Bancorp Inc	0.01
TFIN	Triumph Financial Inc	0.01
FSUN	Firstsun Capital Bancorp	0.01
TIPT	Tiptree Inc	0.01
CODI	Compass Diversified Holdings	0.01
HG	Hamilton Insurance Group Ltd Ordinary Shares Class B	0.01
NAVI	Navient Corp	0.01
BFC	Bank First Corp	0.01
PRA	ProAssurance Corp	0.01
OBK	Origin Bancorp Inc	0.01
UWMC	UWM Holdings Corp Ordinary Shares - Class A	0.01
ROOT	Root Inc Ordinary Shares - Class A	0.01
ECPG	Encore Capital Group Inc	0.01
EZPW	EZCORP Inc	0.01
PAY	Paymentus Holdings Inc Class A	0.01
SAFT	Safety Insurance Group Inc	0.01
EIG	Employers Holdings Inc	0.01
CNNE	Cannae Holdings Inc Ordinary Shares	0.01
OSBC	Old Second Bancorp Inc	0.01
HFWA	Heritage Financial Corp	0.01
SBSI	Southside Bancshares Inc	0.01
FMBH	First Mid Bancshares Inc	0.01
MCB	Metropolitan Bank Holding Corp	0.01
FG	F&G Annuities & Life Inc	0.01
BHRB	Burke & Herbert Financial Services Corp	0.01
TMP	Tompkins Financial Corp	0.01
UVE	Universal Insurance Holdings Inc	0.01
TREE	LendingTree Inc	0.01
MBWM	Mercantile Bank Corp	0.01
HAFC	Hanmi Financial Corp	0.01
CAC	Camden National Corp	0.01
NBN	Northeast Bank	0.01
MBIN	Merchants Bancorp	0.01
CFFN	Capitol Federal Financial Inc	0.01
BFST	Business First Bancshares Inc	0.01
THFF	First Financial Corp	0.01
IBCP	Independent Bank Corp (Ionia MI)	0.01
HTBK	Heritage Commerce Corp	0.01
ESQ	Esquire Financial Holdings Inc Shs Registered Shs	0.01
CTLP	Cantaloupe Inc	0.01
CASS	Cass Information Systems Inc	0.01
EQBK	Equity Bancshares Inc A	0.01
PRAA	PRA Group Inc	0.01
RBCAA	Republic Bancorp Inc Class A	0.01
UFCS	United Fire Group Inc	0.01
CPF	Central Pacific Financial Corp	0.01
PFBC	Preferred Bank	0.01
BY	Byline Bancorp Inc	0.01
HBNC	Horizon Bancorp (IN)	0.01
AMSF	AMERISAFE Inc	0.01
CTBI	Community Trust Bancorp Inc	0.01
UVSP	Univest Financial Corp	0.01
OCFC	OceanFirst Financial Corp	0.01
SRCE	1st Source Corp	0.01
DX	Dynex Capital Inc	0.01
	Franklin BSP Realty Trust Inc.	0.01
PMT	PennyMac Mortgage Investment Trust	0.01
RC	Ready Capital Corp	0.01
BRSP	BrightSpire Capital Inc Class A	0.01
IVR	Invesco Mortgage Capital Inc	0.01
ORC	Orchid Island Capital Inc	0.01
RWT	Redwood Trust Inc	0.01
MFA	MFA Financial Inc	0.01
CIM	Chimera Investment Corp	0.01
EFC	Ellington Financial Inc	0.01
TWO	Two Harbors Investment Corp	0.01
ADAM	Adamas Trust Inc	0.01
ARI	Apollo Commercial Real Estate Finance Inc	0.01
KREF	KKR Real Estate Finance Trust Inc	0.01
TRTX	TPG RE Finance Trust Inc	0.01

†Part or all of this cash position may represent cash-in-lieu of marketable securities and not actual cash. ETF shares are created when a large institutional investor called an Authorized Participant deposits a portfolio of stocks into the fund in exchange for an institutional block of ETF shares (usually 50,000). This is referred to as "in kind" creation because a basket of stocks is exchanged for ETF shares rather than using cash. However, some ETFs allow for the creation (and redemption) of ETF shares in cash in certain circumstances rather than through "in kind" creation.

Top basket holdings are as of the date indicated and may not be representative of the fund's current or future investments. ETF shares are created when a large institutional investor called an Authorized Participant deposits a portfolio of securities into the fund (a "Basket") in exchange for an institutional block of ETF shares (usually 50,000). This is referred to as "in kind" creation because a basket of securities is exchanged for ETF shares rather than using cash. In the case of redemptions, the ETF sponsor returns a basket of securities to the Authorized Participant in exchange for an institutional block of ETF shares. The Basket Holdings is the portfolio of securities that can be exchanged on a daily basis for ETF shares. In some circumstances, cash may be accepted in lieu of some or all of the securities in the Basket.

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Basket Holdings: 381AS OF 09/30/2025

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